What is an industry and explain industrial development?
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Answers
Industry - An industry is a sector that produces goods or related services within an economy.
Industrial development is the motive force behind economic growth. Industrial development is also a result of international economic competition. Development of technology-intensive industries is often the guiding principle of government for a developing country with limited natural resources and a small-scale domestic market.
Answer: Industrial development is the building and growing of industries within an economy. These industries include mass production, technological advances, and other services. When an area or economy is industrialized it experiences an increased standard of living, job growth, and more productivity as it sustains growth.
Industry is the work and processes involved in collecting raw materials, and making them into products in factories. ... A particular industry consists of all the people and activities involved in making a particular product or providing a particular service.